Global Flexible Sensors Market - 2021-2028
The global flexible sensors market size was worth USD XX billion in 2020and is estimated to reach USD XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Flexible technologies are used to fabricate devices on large substrates and create thin and ultra-flexible alert systems that can be bent or folded without modifying their functionality. Flexible sensors have the potential to be seamlessly employed to soft and unevenly shaped surfaces such as human skin or textile fabrics. Moreover, advances in materials science and device architecture made large-scale flexible devices an economically viable option. Materials such as graphene or black phosphorus have been researched for gas and strain sensors applications. Similarly, perovskites developed as an alternative to fabricating ultra-sensitive light sensors.
Flexible sensors hold great promise for various innovative applications in medicine, healthcare, environment, and biology. Considering that most wearable systems, healthcare electronics, and laboratory-on-a-chip testing tools can be expected to come into contact with arbitrarily curved interfaces, sensors' flexibility is essential for improving their interactions with target systems and improving the reliability and stability of the tests. As per the Multidisciplinary Digital Publishing Institute, the market of printed and flexible sensors is anticipated to grow from $3.6 Billion to $7.6 Billion by 2027.
Henceforth, advancements in flexible sensors and surging demand in extensive applications are expected to increase flexible sensors over the forecast period.
A surge in demand for foldable and wearable gadgets is expecting to boost the flexible sensors market
Wearable electronic devices are quickly becoming an integral segment of the consumer electronics industry. Wearables come in various forms and serve a vast array of purposes for their users, such as fashion accessories, fitness trackers, gaming devices, and navigation tools. As per the industrial analysis, sales revenue from wearable devices is projected to grow from around 16 billion US Dollars in 2016 to approximately 73 billion US dollars by 2022.
Flexible technologies are used to fabricate devices on large substrates and create thin and ultra-flexible alert systems that can be bent or folded without modifying their functionality. Flexible sensors have the potential to be seamlessly employed to soft and unevenly shaped surfaces such as human skin or textile fabrics. The technology has been extensively used in wearable devices like smartwatches, fitness bands and others.
Henceforth, together with skyrocketing sales revenue numbers, worldwide shipments for wearables are also expected to increase dramatically in the coming years. Smartwatches are the wearables that account for the largest share of end-consumer spending globally and are expected to keep growing. This led to growth in demand of the global flexible sensors market over the forecast period.
The high cost of the flexible sensor is hindering its market growth
Due to early technology advancements, flexible sensors manufactured with various safety and sensing properties make it expensive than other substitutes in the market, such as rigid sensors.
However, various R&D and innovations are developing flexible sensors to make it cost-effective. According to Statista, by 2020, the average sales price per unit of sensors is expected to drop to 0.29 US dollars worldwide.
The flexible sensors market is segmented into biosensors, touch sensors, temperature sensors, image sensors, and others based on type.
Rising cases of people with diabetes globally and acceptance of biosensors by the patients help biosensors to dominate over the forecast period
Biosensors are used to produce cost-effective, easy-to-use, sensitive and highly accurate detection devices in diverse research and commercial applications. Biosensors can be used for clinical and non-clinical uses such as bedside glucose monitoring, blood sugar detection, fruit ripening and pollution monitoring. According to Statista, it is expected that the biosensors market will grow at a compound annual growth rate of almost 9.4 percent to reach approximately 1.4 billion US dollars globally.
The rising incidence of diabetes globally and the growing acceptance of biosensors by diabetic patients contribute to the market revenue. The rapid and preventive diagnosis of diabetes is increasing the demand for biosensors. Continuous monitoring of blood glucose levels is the prerequisite in the management of diabetes mellitus. Significant advancements in glucose biosensor technology, including continuous glucose monitoring system, non-invasive glucose monitoring system, and point of care glucose testing, proliferate the market demand. As per International Diabetes Federation (IDF), more than 370 million people have diabetes. World Health Organization and other institutes are implementing strict regulations to reduce the number of diabetics and related deaths that foster the biosensor market's growth.
By end-user, the global flexible sensors market is categorized into healthcare, IT & Telecommunication, automotive, sports, agriculture and others.
Developments in quality of life globally led the healthcare segment to dominate the flexible sensors market
Quality of life in most countries has been developing over several decades due to significant medical and public healthcare improvements. Consequently, there is a considerable demand for the development of cost-effective remote health monitoring, which could be easy to use for older people. Remote healthcare monitoring includes sensors, actuators, advanced communication technologies and allows the patient to stay at home instead of inexpensive healthcare facilities. Sensors are used in medical and non-medical equipment and convert various signs into electrical signals. Sensors can be utilized for life-supporting implants, precautionary measures, long-term monitoring of disabled or ill patients. Healthcare companies such as insurance companies need reliable, real-time and accurate diagnostic results given by sensor systems that can be monitored remotely, whether in hospitals, clinics, or at home.
Moreover, as per JMIR publications, more than a million health and well-being apps are available from the Apple and Google app stores. Apps use the built-in mobile phone and smartwatch sensors to generate health data. Clinicians and patients can find safe and effective mobile health (mHealth) apps in the third party-curated mHealth app libraries.
Flexible sensors market share is mainly spread into these five regions- North America, Europe, South America, Asia-Pacific and Middle East & Africa.
Asia-Pacific holds the largest market share and is the fastest-growing market due to the increasing demand for automation and agriculture. The largest manufacturers are shifting to this region, which is expected to boost the market's growth in the forecast period.
Moreover, China accounted for the largest market share in Asia-Pacific due to its growing consumption in China, significantly manufacturing and consuming smart devices.
Besides Asia-Pacific, North America contributes a significant growth for flexible sensors because of the growing medical devices' sensors' growing adoption. The advancement in the healthcare sector is expected to increase the market growth over the forecast period.
Other regions like Europe, Middle East are expected to contribute because of the increasing technological advancement.
The flexible sensors market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include NISSHA CO., LTD., Fujifilm Holdings Corporation, Interlink Electronics, Inc., Tekscan, Inc., Thin Film Electronics ASA, VATECH, Sensor Products Inc., HIOKI EE CORPORATION, Brewer Science, Inc., Biometrics Ltd., among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, contributing to the Flexible Sensors market's growth globally.
Overview: Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. Flexpoint works collaboratively with customers and partners in a variety of capacities from Consulting-Design-Development-Manufacturing.
Product Portfolio: Flexpoint Sensor Systems, Inc. designs, manufactures and markets flexible Bend Sensor technology for various industries, including the automotive and toy industries. The Company's technology measures a predictable change in electrical resistance at it is deflected. The Bend Sensor device can measure minute to substantial changes in position.
The flexible global sensors market report would provide access to an approx: 77 market data table, 76 figures and 242 pages.
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